全国哪里的老破小，跌得更厉害？

Core Viewpoint - The article discusses the significant decline in prices of old and small residential properties (referred to as "老破小") across China, particularly in major cities like Shanghai, Guangzhou, and Shenzhen, highlighting the factors contributing to this trend and the implications for investors and homeowners [5][7][50]. Group 1: Price Decline Overview - The price of old and small properties in Shanghai saw a dramatic drop, with a decline of over 13% in 2024, marking it as one of the most significant years for price reduction [11][12]. - The overall price decline is not limited to Shanghai; it is a nationwide phenomenon affecting various cities, with notable differences in the extent of the decline across regions [8][24]. - In Shanghai, the most affected areas include Yangpu and Minhang, with some properties experiencing price drops of up to 64.7% from their peak values [19][15]. Group 2: Comparative Analysis with Other Cities - When compared to other first-tier cities, Shanghai's price decline for old and small properties is relatively moderate, with declines in Guangzhou and Shenzhen being more severe, around 31% to 34% [26][28]. - New first-tier cities like Wuhan and Nanjing have experienced even more drastic declines, with Wuhan's prices halving from their peak [32][33]. - The article emphasizes that the price adjustments in these cities are influenced by oversupply and changes in local housing policies, which have further exacerbated the decline in property values [34][35]. Group 3: Factors Contributing to Price Decline - The decline in prices is attributed to several factors, including changes in school district policies that have diminished the value of properties previously considered desirable due to their educational advantages [51][56]. - Properties that are difficult to renovate or lack demolition prospects are also facing significant depreciation, as they do not meet modern living standards [67]. - High-rise old properties without elevators are particularly vulnerable, as they are less attractive to buyers compared to low-rise buildings [68][69]. Group 4: Market Recovery Signs - Despite the declines, there are signs of recovery in the rental market for old and small properties, with rental yields improving and some cities experiencing a slight uptick in transaction volumes [73][77]. - The article notes that the rental yield for old and small properties in major cities has become more attractive, with some areas showing rental returns exceeding 3% [74][76]. - The overall market is undergoing a value reassessment, with properties now being priced more in line with their actual living value, which may lead to a stabilization in prices [70][81].